How to Trade Bitcoins Without Using The Actual Money

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Cryptocurrencies are causing a global stir and have proven to be a more serious pursuit than Pokemon Go, minting legions millionaires and billionaires. So you want in on the action and reckon you’ll take your chances in the choppy waters of crypto trading.

 

You’ve gotten yourself studied up on Technical Analysis and have learned all the terminology (you’re saying things like Exponential Moving Average, Bollinger bands, head-and-shoulders patterns etc.) and you’re ready to dive in and get your ‘buy low, sell high’ on. Not so fast Gordon Gecko, you might want to sharpen your skills first. You know, to make sure you don’t get in the game and get bullied by the bears.

 

How do you get the necessary practice in? Well if you don’t want the crypto big boys wiping the sidewalk with you, you need to get yourself a trading simulator. Here are a few simulators you can check out.

 

Coins2Learn

 

Coins2Learn offers a safe and free simulator teaches you how to exchange Bitcoin and altcoins to improve your trading abilities, without risking real money.Trading through a simulator enables you to gain valuable experience and confidence trading cryptocurrencies without the risk of going bust.


 

Coins2Learn also offer you a chance to compete with other traders in a global league, for the chance to win actual Bitcoin.

 

BitcoinHero

 

BitcoinHero is a free Bitcoin game/simulator for those who want to learn how to trade Bitcoin and other cryptocurrencies without any risk. You can also change the bet and leverage, thus managing the potential profit size. Buy or sell Bitcoin, ETH, LTC, and Dash at their actual prices!

 

CryptoGround

 

CryptoGround features a beginner’s guide and news tab in addition to offering a simulator. The simulator is currently being revamped to offer a better trading experience but you can still test your mettle on the old one

 

That covers your desktop trading practice. For those who want to steal a moment of practice while waiting for the Gautrain, there are mobile obtions available. Namely: CryptoTrader, Cryptocurrency Exchange Simulator, and CryptoMarketGame, which mimic actual exchange layouts and use historical price charts so you’ll be trading against a coins actual historical price movements.

 

Get as much practice as you can before diving in with real value. Hone your strategy on a simulator and you have less chance of getting yourself spanked when you enter the markets. Happy trading.

 

Source: Bitcoinhub.co.za

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27 000 South Africans Lost about R600 Million in Bitcoin Investment Scam

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Since cryptocurrencies appeared and their price increased, scammers tried to take profit from it. Hacks, scams, and mysterious Initial Coin Offerings were the tactics used by crooks that wanted to steal others’ funds. Now, the country that is suffering from an important scam in South Africa, where more than 27,500 people, have been affected.

 

The Bitcoin investment group BTC Global has reported that R600 million in crypto assets have been stolen from the group’s investors.

South African Investment Group Scam

Investors from South Africa, Australia, and the United States have been affected by one of the most important Bitcoin hacks. According to local news sources, Steve Twain, the sole manager of the investments at the company, disappeared in February 2018 without mentioning anything about the funds. BTC Global’s administrative team wrote a post on Facebook two weeks ago explaining that they were not able to locate Twain.

At the moment, the South African Directorate for Priority Crime Investigation (Hawks) is working investigating claims against BTC Global. Mr Captain Lloyd Ramovha, part of the institution, confirmed that the Serious Commercial Crimes Unit is working side by side with the “Hawks.”

 

Some investors have reported very important sums of over $100,000. Individuals that wanted to invest in BTC Global, had to send their funds to a single wallet address.

Mr Ramovha commented:

“I have spoken to one of the investigators in our team and he has confirmed that this matter came to them about two weeks ago. There are in excess o 27,500 complaints with many outside South Africa. The amount is over $50 million and could rise as more victims come forward.”

When speaking with The Sunday Times, Antoon Botha of BMV Attorneys confirmed that they are working with several clients involved with BTC Global. According to Botha, they are planning to take legal actions against the company and its representatives.

“The investigation is in its infancy,” said Mr Ramovha. “I also cannot say whether it is a Ponzi scheme. BTC Global is being investigated for contravening the Financial Advisory and Intermediary Services Act,” he said.

Cryptocurrency Risky Investments

But even when the funds have been lost, the company keeps explaining that cryptocurrency investments are risky and that investors should know what they were doing. As BTC Global works as any other fund, the risk of losing the investment are inherent, says an administrator at the company.

You may also read:

What is Bitcoin and How Does it Work

Cheri Ward, an administrator at BTC Global, says:

“Every single person who invested in BTC Global did so of their own volition and subsequent to having conducted their own research into the fund. As is the case with any fund into which money is invested there is no guarantee that an investor will be receiving any return on their investment.”

Crypto Scams

Clearly, investing in cryptocurrencies is a risky investment. The market is very volatile and it is not regulated yet. This situation is perfect for scammers to spread and steal investors’ funds.

All over the world cryptocurrency scams have been registered. Hackers have been stealing investors’ funds from cryptocurrency exchanges. Initial Coin Offerings (ICOs) have never started the promised project. Finally, fake cryptocurrencies and platforms promising unrealistic returns, as BitConnect, have also been in the news.

Some time ago, Coincheck, a Japanese exchange, has been hacked and $500 million dollars in NEM coins were stolen. At the moment, NEM is working with the local authorities in order to track the funds.

You may also read:

Places to Buy and Sell Bitcoins in South Africa: Open A Free Account

As investors, it is important to be aware of these scams and to avoid not recognized sites and not professional businesses. Now, 27,500 individuals are trying to locate their funds, but tomorrow it can happen to any of us if we are not careful about the investments we do.

 

Source: Bitcoinhub

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What is Bitcoin and How Does it Work

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What is Bitcoin and How Does it Work

Bitcoin explained, what it is, who created it and what it is used for. This information was sourced from Coindesk.

 

What is Bitcoin

To cut through some of the confusion surrounding bitcoin, we need to separate it into two components. On the one hand, you have bitcoin-the-token, a snippet of code that represents ownership of a digital concept – sort of like a virtual IOU. On the other hand, you have bitcoin-the-protocol, a distributed network that maintains a ledger of balances of bitcoin-the-token. Both are referred to as “bitcoin.”

What is Bitcoin
What is Bitcoin

The system enables payments to be sent between users without passing through a central authority, such as a bank or payment gateway. It is created and held electronically. Bitcoins aren’t printed, like dollars or euros – they’re produced by computers all around the world, using free software.

It was the first example of what we today call cryptocurrencies, a growing asset class that shares some characteristics of traditional currencies, with verification based on cryptography.

 

Who created it?

A pseudonymous software developer going by the name of Satoshi Nakamoto proposed bitcoin in 2008, as an electronic payment system based on mathematical proof. The idea was to produce a means of exchange, independent of any central authority, that could be transferred electronically in a secure, verifiable and immutable way.

To this day, no-one knows who Satoshi Nakamoto really is.

 

In what ways is it different from traditional currencies?

Bitcoin can be used to pay for things electronically, if both parties are willing. In that sense, it’s like conventional dollars, euros, or yen, which are also traded digitally.

 

But it differs from fiat digital currencies in several important ways:

 

1 – Decentralization

Bitcoin’s most important characteristic is that it is decentralized. No single institution controls the bitcoin network. It is maintained by a group of volunteer coders, and run by an open network of dedicated computers spread around the world. This attracts individuals and groups that are uncomfortable with the control that banks or government institutions have over their money.

Bitcoin solves the “double spending problem” of electronic currencies (in which digital assets can easily be copied and re-used) through an ingenious combination of cryptography and economic incentives. In electronic fiat currencies, this function is fulfilled by banks, which gives them control over the traditional system. With bitcoin, the integrity of the transactions is maintained by a distributed and open network, owned by no-one.

 

2 – Limited supply

Fiat currencies (dollars, euros, yen, etc.) have an unlimited supply – central banks can issue as many as they want, and can attempt to manipulate a currency’s value relative to others. Holders of the currency (and especially citizens with little alternative) bear the cost.

With bitcoin, on the other hand, the supply is tightly controlled by the underlying algorithm. A small number of new bitcoins trickle out every hour, and will continue to do so at a diminishing rate until a maximum of 21 million has been reached. This makes bitcoin more attractive as an asset – in theory, if demand grows and the supply remains the same, the value will increase.

 

3 – Pseudonymity

While senders of traditional electronic payments are usually identified (for verification purposes, and to comply with anti-money laundering and other legislation), users of bitcoin in theory operate in semi-anonymity. Since there is no central “validator,” users do not need to identify themselves when sending bitcoin to another user. When a transaction request is submitted, the protocol checks all previous transactions to confirm that the sender has the necessary bitcoin as well as the authority to send them. The system does not need to know his or her identity.

In practice, each user is identified by the address of his or her wallet. Transactions can, with some effort, be tracked this way. Also, law enforcement has developed methods to identify users if necessary.

Furthermore, most exchanges are required by law to perform identity checks on their customers before they are allowed to buy or sell bitcoin, facilitating another way that bitcoin usage can be tracked. Since the network is transparent, the progress of a particular transaction is visible to all.

This makes bitcoin not an ideal currency for criminals, terrorists or money-launderers.

 

4 – Immutability

Bitcoin transactions cannot be reversed, unlike electronic fiat transactions.

This is because there is no central “adjudicator” that can say “ok, return the money.” If a transaction is recorded on the network, and if more than an hour has passed, it is impossible to modify.

While this may disquiet some, it does mean that any transaction on the bitcoin network cannot be tampered with.

 

5 – Divisibility

The smallest unit of a bitcoin is called a satoshi. It is one hundred millionth of a bitcoin (0.00000001) – at today’s prices, about one hundredth of a cent. This could conceivably enable microtransactions that traditional electronic money cannot.

 

6 – Where to buy Bitcoins

How do I sign up?

Sign up for Luno and get ZAR 10.00 worth of Bitcoin when you buy or sell ZAR 500.00 (exchange excluded), using Luno’s Website.

Buy Bitcoins

Sell Bitcoins

Source: Coindesk

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Places to Buy and Sell Bitcoins in South Africa: Open A Free Account

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Have you recently heard about Bitcoin? Are you interested in buying and selling Bitcoins?

Well, you should be interested because it looks like Bitcoin is going to be the language of the town in the recent periods.

Buy bitcoins with luno
Buy Bitcoins with luno

People are making money trading or investing in Bitcoin.

 

If you are looking for a place to buy and sell Bitcoins, look no more because you have found  the best place.

That place is called Luno

 

What is Luno all about?

Today, Luno is one of the world’s leading digital currency companies with a team of over 60 technology and finance experts, operating across several countries and continents. Their products and services make it safe and easy for people and businesses to store, buy, use and learn about digital currencies like Bitcoin and Ethereum.

Luno’s vision is to empower billions of people by bringing digital currencies like Bitcoin and Ethereum to everyone, everywhere.

 

How do I sign up?

Sign up for Luno and get ZAR 10.00 worth of Bitcoin when you buy or sell ZAR 500.00 (exchange excluded), using Luno’s Website.

 

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